Employee Benefits

The way we work has evolved considerably over recent years. In the face of exponential automation and digitisation, ‘the future of work’ can appear daunting, but if recent months have shown us anything, it’s the capacity for humans to adapt in response to change.

Though workplaces are potentially more disparate than ever in 2020, technology has enabled individuals, teams and organisations to connect, collaborate and achieve great things. Alongside this ‘Working From Home’ era, relationships between employer and employee have been redefined and businesses have been challenged to prioritise the health and wellness of their people like never before. Here are the key trends in employee experience we expect to see in the months and years ahead:

 

1. Employee Experience as Key Enabler of Organisational Performance

Major changes to the conditions and environments under which employees work has pushed organisations to take a truly holistic approach to their employee experience. The link between employee well-being and organisational performance has certainly never been more glaring. In a recent survey by Deloitte, 94% of respondents agreed that well-being drives organisational performance to some extent (1).  Offering robust wellness programs, by including areas such as EAP support, health screens, mental health and resilience coaching, nutrition consultation, yoga and meditation workshops, financial and property health checks, and more, is now understood as critical to the achievement of bottom line organisational goals.

 

2. Employee experience as the key to talent acquisition & retention

Prioritising the holistic health, well-being and fulfillment of its people demonstrates an organisation’s considered investment in the future of the organisation at large. Valuable people investments and support systems also assist with the attraction and retention of talent and help organisations differentiate themselves to employees in an era where organisational trust and connection is essential for productivity. The same publication by Deloitte outlines how organisations can invest in employee benefits and wellness initiatives to not only enhance productivity and organisational performance, but drive the creation of meaningful work, which in turn strengthens the relationship between the individual and the organisation.

 

3. Employee experience – an overdue shake-up?

With stress, anxiety and mental health challenges at historic heights across Australia, organisations are strength-testing their wellness strategies with an urgency previously unseen. Will their systems and processes adequately meet the changing needs of their workforces in 2020, into 2021 and beyond?

We reached out to Ed Cha from California-based ABD Insurance & Financial Services for his insights on high priorities in Employee Benefits now and into the future. Aside from a continued focus on employee mental health and access to virtual health services, Cha expects to see wellness programs embrace gamification, enabling remote employees to socialise and compete (e.g. for the highest number of steps taken or logging the number of activities in a day). Cha also anticipates more benefits programs will incorporate virtual coaching options for employee self-development.

While not without considerable effort, reshaping Employee Benefits for this ‘Working From Home’ era represents an opportunity to transform the future of work – one marked by a truly people, rather than profit, led approach. Empowering employees to tailor benefits programs to their unique physical, mental, professional and financial goals could produce more engaged and productive employees, and better corporate results.

 

We’re with you all the way

As we continue to challenge existing assumptions about the way organisations should operate and perform, it is a timely opportunity to discuss broader corporate strategies which can enhance employee engagement and drive productivity and results. We will continue to monitor the research and discussions in this space and be sure to keep you updated.

To find out how Honan can support you, your people and organisation with a future-fit approach to Employee Benefits, please don’t hesitate to reach out at any time.

 

Alexandra Slimming – Head of Global Benefits

alexandra.slimming@honan.com.au

+61  2 8297 1753

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